WILMINGTON, DE — Global Indemnity Group (Nasdaq: GBLI) reported first-quarter profit after wildfire-related losses weighed on results a year earlier, while underwriting performance remained stable despite softer premium growth in parts of its commercial business.
Operating income for the quarter ended March 31 totaled $8.3 million, or $0.57 per share, compared with an operating loss of $4.1 million, or $0.30 per share, in the prior-year period.
Net income available to common shareholders was $4.1 million, or $0.29 per share, compared with a net loss of $4.1 million, or $0.30 per share, a year earlier.
The 2025 quarter included $12.2 million in after-tax losses tied to the California wildfires.
The insurer’s calendar-year combined ratio improved to 95.1% from 111.7%, reflecting lower catastrophe losses and continued underwriting profitability. Excluding wildfire impacts, the current accident-year combined ratio was 94.9%, nearly unchanged from 94.8% a year earlier.
Current accident-year underwriting income increased 4% to $5.5 million as net earned premiums rose 5.4% to $98.4 million.
Net investment income declined to $12.2 million from $14.8 million, reflecting a market-value decline tied to a limited partnership investment and a larger allocation to U.S. Treasury securities.
Total investment return fell to $6.7 million from $19.3 million, driven largely by mark-to-market adjustments on fixed-income holdings as Treasury yields increased.
Gross written premiums declined to $96.5 million from $98.7 million.
Wholesale Commercial premiums fell 5.2% to $61.5 million as the company maintained pricing discipline amid competitive market conditions and declining property insurance rates.
Vacant Express premiums increased 4.9% to $11.5 million, while Collectibles premiums rose 12.6% to $4.6 million, supported by rate increases, agency expansion, and organic growth.
Specialty Products premiums increased 2.4% to $7.7 million. Excluding terminated business, the segment grew 21.3%.
Common shareholders’ equity totaled $700.1 million at March 31, down from $702.6 million at year-end, reflecting unrealized losses within the company’s fixed-income portfolio following higher Treasury rates.
Book value per share declined to $47.92 from $48.96 at December 31.
Global Indemnity paid $5.1 million in dividends during the quarter, equal to $0.35 per common share.
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